Sleepless in L.A.
Sleepless in L.A.
My apologies for the late post and a lack of participation today. After having no trouble falling asleep through various time zones and going to bed at unorthodox times even at local times during my Asia trip, jet lag suddenly caught up with me last night. I woke up several times and then snoozed until 10:30am PDT, missing half the session.
In some ways I’m glad actually as this has been one ugly session – everyone gets a tase with the ole’ cattle prod today. One chart however has been holding steady and I’m quite proud of it.
Every once in a while you just get it right – the upper line of the long term sideways channel on the SPX I have been proposing was touched and immediately recoiled like a snail’s tentacle. Which was no big surprise to me, considering the ridiculous participation as evidenced on the Zero and the Zero Lite. I’m not harboring much in terms of bearish conviction here but I also recognize that the longs won’t be able to push far outside this channel unless some participation returns to equities.
Cheers,
Mole
